Cryptic, if edited, shows up deficiency (7)
I believe the answer is:
deficit
'deficiency' is the definition.
(deficit is a kind of deficiency)
'cryptic if edited shows up' is the wordplay.
'shows' says the answer is hidden in the clue.
'up' says the letters should be written backwards (in down clue: letters go upwards).
'ticifed' is hidden in the letters of 'cryptic if edited'.
'ticifed' reversed gives 'DEFICIT'.
(Other definitions for deficit that I've seen before include "Amount of which total falls short" , "Show this to make a loss" , "Excess of expenditure over income" , "Excess of liabilities over assets" , "Arrears" .)